Bill Gross, Pimco, and Everything Else in 2014

Actively managed ETFs finally got the go-ahead from the SEC. Brace yourself for a slew of new products in 2015.

This was a year of surprisingly salacious gossip in the mutual-fund industry. Early on in 2014, Mohamed El-Erian announced he was leaving Pimco, beginning a spiral of recrimination, prognosticating, and erratic speechifying...